Disability Income

In a time when corporate job security is increasingly the exception rather than the rule, being self-employed allows you to keep your destiny in your own hands. But it also means you'll need to supply some of the benefits and safety nets the typical employer usually provides.

These include disability income policies that provide income in the event of a debilitating injury and life insurance that can pay off your business debts and ensure the future of your business in the event of your death.

Disability Income

Have you thought about how you would be able to pay for food, your mortgage and other living costs if you became disabled and are unable to work? Disability Income insurance1 is designed to protect individuals, families and companies from financial loss due to an accident or illness.

Most disability income policies have the following features and options:

Noncancellable / Guaranteed Renewable

As long as the premiums are paid on time, your policy cannot be canceled and your premiums won't increase before age 65.

Waiver of Premiums

During a continuous disability, you will not need to pay premiums.

Capital Sum Benefit

If you face a catastrophic loss of sight in one eye or use of your hand or foot, you'll receive a one-time lump sum benefit.

Presumption of Total Disability

If you have total and irrevocable loss of speech, hearing in both ears, sight in both eyes, or use of both hands or feet, you receive full monthly benefits immediately, even if there is no loss of income.

Inflation Protection

If you purchase a cost-of-living option, your benefits are adjusted to keep up with inflation.

Refund of Premium

If you elect to purchase this rider, you can receive a premium refund at the end of a specific period. This refund is a percentage of the total premiums you've paid, less any benefits claimed. This can significantly reduce the cost of your coverage if you stay healthy.

Note: This information provides only a summary of some potential coverages. Please consult the policy for actual coverages and limitations.

For more detailed information, please contact an American Family Insurance agent in your area.

Life Insurance for Businesses

When we think of life insurance, we generally think of personal policies. But since you are self-employed, your business is an important part of your life, and surely depends on you for its successful operation. Whether your company is a sole proprietorship, a partnership or a corporation, you need to anticipate the day when the death of the owner or a key employee may dramatically affect and jeopardize its future.

American Family Life Insurance Company provides business life insurance for the following uses:

Buy/Sell Agreements

Contact an American Family Insurance agent near you to discuss the advantages of funding a buy-sell agreement with life insurance.

Note: Buy-sell agreements must be prepared by a qualified attorney who is familiar with your business and personal circumstances. Tax implications should be discussed with a qualified tax consultant.

Key Person Life Insurance

Key person life insurance is insurance to protect your business against the financial loss due to the death of a key employee. If one of your top employees dies and you have key person life insurance insuring that person, the business will receive a life insurance death benefit payment that can help offset potential losses and provide money to attract and train a replacement.

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